15th Mar 2016 07:52
LONDON (Alliance News) - Hastings Group Holdings PLC, the FTSE 250 motor insurer which went public in October, on Tuesday declared its first dividend since listing on the London Stock Exchange.
Operating profit rose to GBP126.1 million in 2015, up from GBP103.5 million in 2014, as net earned premiums increased to GBP255.9 million from GBP199.1 million. Other revenue, for example generated from fees and commission rather than through insurance premiums, rose to GBP219.8 million from GBP180.2 million. Net claims were up to GBP192.9 million from GBP149.7 million.
Pretax profit, which took into account amortisation and depreciation of GBP27.6 million and finance costs of GBP91.1 million, amounted to GBP5.0 million in 2015, versus a pretax loss of GBP1.4 million in 2014. Hastings declared a dividend of 2.2 pence per share.
"Our business goes from strength to strength. Our unique approach has attracted over 2 million live customers, helped us to grow our market share in UK private car to 5.8% and to increase home policies by 87% and telematics policies by 58% in the year," Chief Executive Officer Gary Hoffman said in a statement.
Hastings said that current trading is in line with its expectations, meaning that it has begun 2016 "well positioned" to continue growing.
By Samuel Agini; [email protected]; @samuelagini
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